Indian indices ended higher on Wednesday led by gains in banks, auto and IT stocks. Index heavyweights RIL, Infosys, Kotak Bank, Axis Bank, and ICICI Bank contributed the most to the benchmarks.

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The Sensex ended 230 points higher at 30,074 while the Nifty rose 77 points to settle at 11,550. Broader markets were also positive with the midcap and smallcap indices up 0.5 percent and 1 percent, respectively.

Indian markets have rallied in recent weeks, boosted by positive commentary from companies and more recently, enthusiasm around potential COVID-19 treatments.

On the Nifty50 index, Tata Motors, Hero Moto, Zee, IndusInd Bank and Kotak Bank were the top gainers while Bharti Airtel, UltraTech, Asian Paints, Maruti, and HDFC Life led the losses.

Among sectors, Nifty Auto gained the most, up 1.5 percent led by Tata Motors and two-wheeler stocks. Two-wheelers Hero Moto, TVS Motor, and Bajaj Auto rose 2-6.5 percent after FM Sitharaman said the GST Council may consider a rate revision for the 2-wheeler segment.

Meanwhile, Tata Motors surged 9 percent after the company said it proposed to reduce its debt to near-zero levels in three years.

The banking index was also up 1.4 percent led by heavyweights Kotak Bank, Axis Bank, ICICI Bank, and IndusInd Bank.

The Nifty IT and Nifty Metal indices also rose around 1 percent each for the day.

First Published:Aug 26, 2020 3:34 PM IST